USD/CAD – Technical Analysis for US Binary Options
United States – Existing Home Sales
On Wednesday, at GMT 2:00 p.m., the US National Association of Realtors released the existing home sales number, which is the annualized number of residential buildings that were sold during the last month in the country. However, this figure excludes the number newly building constructions.
Since the sale of an existing home usually has a wide-spread positive ripple effect in the local economy, collectively this figure acts as an excellent leading indicator of the overall economic health of the country. Therefore, binary options traders consider the existing home sales number to be an important data as it tends to have a considerable market impact.
Last month, the US existing home sales figure came out at 5.57 million and the forecast for this month is currently set at 5.54 million.
Canada – Core Retail Sales
On Thursday, during the afternoon at GMT 12:30 p.m., the Statistics Canada released the month-over-month core retail sales figure, which measures the changes in the total value of sales made by retailers in the country during the previous month.
The core retail sales figure excludes automobile sales. While the total retail sales may provide a complete picture, the highly volatile nature of car sales makes it difficult to compare the data on a monthly basis. Hence, binary options investors consider the core retail sales numbers are to be more appropriate.
Last month, the Canadian core retail sales figure decreased by 0.2% after decreasing 0.1% in April as well. If this trend continues, it would likely have a bearish impact on the Canadian Dollar against other major currencies this week.
Since January 31, the USD/CAD remained bullish and formed two distinct uptrend lines in the process. However, on June 12, the USD/CAD broke below the intermediate uptrend line and the price fell by around 280 pips over the last week. Later in the week, the pair broke below the primary uptrend line as well. Although both the uptrend lines were broken, soon the USD/CAD found a strong support near the 1.3200 pivot zone.
As the US existing home sales figure is expected to drop from 5.57 million to 5.54 million this week, we believe it would likely set a bearish fundamental outlook for the USD/CAD this week. Therefore, if the USD/CAD closes below the 1.3200 level, it would likely find additional bearish momentum in the market.
Hence, US binary options traders should look out for trading opportunities below this major support level around 1.3200.
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